Section 10 • Management


stores. Giveaways, waiving fees, and lack of consistent auction processing can be common amongst this category. Owners tend to keep things close to the vest and make decisions very differently than the larger operators. Budgets are not always


True entrepreneurs, owners


who self-manage, want to be very involved in the day-to-day decisions.


used within this category. Rate management is one of the most commonly neglected processes amongst this group, along with failure to shop and compare competition rates and promotional specials on a standard frequency. However, there are some very savvy owner operators who perform all these tasks and have very profitable, well-managed facilities. These operators treat the business as a business, measure performance, and utilize some form of revenue management and more sophisticated online methods.


Owners use a number of ways to staff and manage their facility; some are the operators directly, some hire on-site or


off-site managers, some have assistants run the store, or any combination of these options. True entrepreneurs, owners who self-manage, want to be very involved in the day-to-day decisions. Many owners with the same goals and high levels of involvement use a third-party management company to ensure improved performance and maintenance of industry best practices.


Third-Party Management Services provide standard operat- ing procedures for:


• Delinquent management • Revenue management of both rental rate structures, new incoming standard or street rates (based on occupancy by unit type), and customer or tenant rates (managed by the number of days since last increase for recurring frequency and managing the reduction of discounts previously given), as well as online rate management and online promotions


• Sales, marketing, and advertising • Web sites and apps • Financials, P & L, cash flow statements, debt servicing, bank accounts and their reconciliations


• Bill paying and record keeping • Human resources, staffing, benefits


96 Self-Storage Almanac 2021


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